articles Ratings /ratings/en/research/articles/230207-european-cmbs-monitor-q4-2022-12611025 content esgSubNav
In This List
COMMENTS

European CMBS Monitor Q4 2022

COMMENTS

Weekly European CLO Update

COMMENTS

U.S. BSL CLO Obligors: Corporate Rating Actions Tracker 2025 (As Of April 25)

COMMENTS

SF Credit Brief: U.S. CMBS Delinquency Rate Increased 59 Bps To 6.1% In April 2025; Lodging Rate Climbed To 6.67%

COMMENTS

European CMBS Monitor Q1 2025


European CMBS Monitor Q4 2022

image

All information is as of Dec. 31, 2022, unless stated otherwise.

New Issuance

No new issue transactions closed during the fourth quarter of 2022.

Surveillance

Data notes

The figure for the total number of loans in European CMBS transactions that we rate excludes the loans in small-loan transactions and nonperforming loan (NPL) transactions.

Loans that were originated from the year 2009 onward are classified as 2.0 loans. All other loans originated before this period are defined as 1.0 loans.

Table 1

List Of European CMBS Surveillance Ratings Actions
Article Publication date
Salus (European Loan Conduit No. 33) DAC U.K. CMBS Class C And D Ratings Lowered; Class A And B Ratings Affirmed Oct. 6, 2022
Broadgate Financing PLC U.K. CMBS Ratings Affirmed Following Review Nov. 8, 2022
Oranje (European Loan Conduit No. 32) DAC Class B To D Dutch CMBS Ratings Raised; Class A And E Ratings Affirmed Nov. 17, 2022
Berg Finance 2021 DAC Class B To D Pan-European CMBS Ratings Raised Following Review; Class A And E Ratings Affirmed Nov. 18, 2022
Longstone Finance Class C U.K. CMBS Notes Rating Raised Following Review; Class A And B Ratings Affirmed Dec. 5, 2022
UNITE (USAF) II PLC CMBS Ratings Raised Following Review And Error Correction Dec. 20, 2022

The outstanding S&P Global Ratings-rated European CMBS balance slightly decreased to €28.2 billion from €29.1 billion over the last quarter. The decrease in the note balance is due to the repayment of a loan in this quarter and the change in the net effect of currency rate movements.

Table 2

European CMBS: Key Statistics
Q4 2022 Q3 2022 Q2 2022 Q1 2022
1.0 loans
Collateral balance (Bil. €) 15.9 16.5 16.8* 16.2
Number of loans outstanding 14 14 14 14
Number of transactions outstanding 13 13 13 13
Number of loans in special servicing 0 0 0 0
Proportion of loans in special servicing (%) 0.0 0.0 0.0 0.0
2.0 loans
Collateral balance (Bil. €) 12.3 12.6 13.8 14.2
Number of loans outstanding 40 41 43 46
Number of transactions outstanding 34 34 35 35
Number of loans in special servicing 1 1 1 2
Proportion of loans in special servicing (%) 2.5 2.4 2.3 4.3
Total
Collateral balance (Bil. €) 28.2 29.1 30.6 30.5
Number of loans outstanding 54 55 57 60
Number of transactions outstanding 47 47 48 48
Number of loans in special servicing 1 1 1 2
Proportion of loans in special servicing (%) 1.9 1.8 1.8 3.3
*The A3 and A4 loan tranches for Telereal Securitisation PLC were increased to €378.7 million.

Chart 1

image

Chart 2

image

Table 3

Loans Repaid
Transaction Loan Jurisdiction(s) Asset type Loan maturity date Note final maturity date Comment
Starz Mortgage Securities 2021-1 DAC Brixton U.K. Retail Jan. 20, 2024 Nov. 28, 2038 The Brixton loan repaid in full on Dec. 14, 2022

Table 4

List Of Next 12 Months' Maturing Loans
Deal name Loan name Loan balance (€)* % of portfolio Loan maturity Loan maturity extended LTV (%) Servicer name Specially serviced? No. of properties Asset type Jurisdiction(s)
Kanaal CMBS Finance 2019 DAC Maxima 23,177,792 17.00 Feb. 15, 2023 N 22.36 CBRE Loan Services Ltd. N 6 Mixed use Netherlands
Ribbon Finance 2018 PLC Senior Loan 306,074,331 100.00 April 13, 2023 N 51.45 CBRE Loan Services Ltd. N 18 Hotel U.K.
EOS (European Loan Conduit No. 35) DAC Senior Loan 54,245,481 100.00 April 20, 2023 Y 29.57 Mount Street Mortgage Servicing Ltd. N 74 Mixed use Netherlands
Taurus 2021-5 UK DAC Senior Loan 297,973,685 100.00 May 15, 2023 Y 59.40 CBRE Loan Services Ltd. N 43 Student accommodation U.K.
Taurus 2018-2 UK DAC Project Campus 141,940,966 100.00 May 20, 2023 Y 21.59 Mount Street Mortgage Servicing Ltd. N 1 Office U.K.
Taurus 2019-3 UK DAC Project Roost 468,050,988 100.00 June 20, 2023 Y 55.27 Mount Street Mortgage Servicing Ltd. N 21 Student accommodation U.K.
Agora Securities UK 2021 DAC Vulcan 239,481,450 100.00 July 20, 2023 Y 50.54 Mount Street Mortgage Servicing Ltd. N 9 Retail U.K.
Kanaal CMBS Finance 2019 DAC Big 6 (Tranche A, Tranche B) 116,978,456 83.00 Aug. 15, 2023 Y 60.72 CBRE Loan Services Ltd. N 6 Retail Netherlands
Oranje (European Loan Conduit No. 32) DAC Phoenix Loan 75,399,389 100.00 Aug. 15, 2023 Y 44.54 Mount Street Mortgage Servicing Ltd. N 12 Office Netherlands
Taurus 2019-4 FIN DAC Senior Loan 178,734,935 100.00 Aug. 16, 2023 Y 68.88 CBRE Loan Services Ltd. N 2 Mixed use Finland
Starz Mortgage Securities 2021-1 DAC Node 12,206,977 6.00 Oct. 15, 2023 N 68.13 Situs Asset Management Limited N 1 Residential Ireland
Pearl Finance 2020 DAC Senior Loan 316,607,342 100.00 Nov. 15, 2023 Y 45.82 CBRE Loan Services Ltd. N 60 Logistics Various
Highways 2021 PLC Secured Loan 299,493,350 100.00 Dec. 31, 2023 Y 56.70 CBRE Loan Services Ltd. N 8 Car service workshops U.K.
*For the U.K. loans, the loan balance may differ from the previous quarter(s) due to the change in the net effect of currency rate movements.

Specially Serviced Loans

There is one loan in special servicing, the same as in Q3 2022. The loan is 100% secured by U.K. retail assets (see table 8).

Table 5

Special Servicing Index
Transaction Loan Loan origination date Date added Jurisdiction(s) Asset type Special servicer
Elizabeth Finance 2018 DAC Maroon Nov. 29, 2017 April 15, 2020 U.K. Retail Mount Street Mortgage Servicing Ltd.

Table 6

Changes To Specially Serviced Index
Transaction Loan Jurisdiction(s) Asset type Comment
Additions
N/A N/A N/A N/A N/A
Cures/resolved
N/A N/A N/A N/A N/A
Unresolved
N/A N/A N/A N/A N/A
N/A--Not applicable.

Chart 3

image

Chart 4

image

Appendix

Table 7

List Of European CMBS Publications
Article Publication date Type
S&P Global Ratings Publishes October 2022 Chart Book For EMEA Structured Finance Oct. 12, 2022 News
S&P Global Ratings Publishes November 2022 Chart Book For EMEA Structured Finance Nov. 16, 2022 News
S&P Global Ratings Publishes December 2022 Chart Book For EMEA Structured Finance Dec. 08, 2022 News

This report does not constitute a rating action.

Primary Credit Analyst:Carla N Powell, London + 44 20 7176 3982;
carla.powell@spglobal.com
Secondary Contact:Mathias Herzog, Frankfurt + 49 693 399 9112;
mathias.herzog@spglobal.com
Research Contributor:Sneha Santwani, CRISIL Global Analytical Center, an S&P affiliate, Mumbai

No content (including ratings, credit-related analyses and data, valuations, model, software, or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced, or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor’s Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees, or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness, or availability of the Content. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an “as is” basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED, OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages.

Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. S&P’s opinions, analyses, and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment, and experience of the user, its management, employees, advisors, and/or clients when making investment and other business decisions. S&P does not act as a fiduciary or an investment advisor except where registered as such. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives. Rating-related publications may be published for a variety of reasons that are not necessarily dependent on action by rating committees, including, but not limited to, the publication of a periodic update on a credit rating and related analyses.

To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P reserves the right to assign, withdraw, or suspend such acknowledgement at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal, or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof.

S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain nonpublic information received in connection with each analytical process.

S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, www.spglobal.com/ratings (free of charge), and www.ratingsdirect.com (subscription), and may be distributed through other means, including via S&P publications and third-party redistributors. Additional information about our ratings fees is available at www.spglobal.com/usratingsfees.

 

Create a free account to unlock the article.

Gain access to exclusive research, events and more.

Already have an account?    Sign in